In Business excerpt:
The developer of Lake Las Vegas, Transcontinental Corp., in Henderson is in default on a $560 million loan and has until the end of the year to find buyers for its remaining undeveloped land or the development could face foreclosure, a Lake Las Vegas official said.

A group headed by investment banker Credit Suisse has, for now, waived any default obligations, after Lake Las Vegas, the lake resort community did not meet its debt obligation on a sales volume quota by Sept. 30,

Housing foreclosures, projects abandoned, Lake Las Vegas in default, Cosmopolitan in default, and the new Town Center looks to be a giant "white elephant;" will anyone doubt that the recession is already here?